Banking Services

The vendor is required to provide banking following services:
1. Services to be provided by the contractor include, but are not limited to:
a. Account management services:
• Daily account monitoring and reporting.
• Online banking capabilities, including wire transfers, ach transactions, and real-time account balances, accessible and executable through secure and efficient means.
• Robust fraud detection and prevention services to prevent unauthorized transactions and activity.
• Provision of armored car services for cash deposits and withdrawals is preferred but not required.
b. Depository services:
• Provide a full range of depository services including, but not limited to, handling of checks, cash and coin, and electronic deposits, detailed deposit reporting, and daily delivery of detailed ach remittance advice notifications.
• Remote deposit capture services are preferred.
• Provide same bank day credit on all coin and currency deposits, and on-us checks (i.e., checks drawn on the bank).
• The contractor shall guarantee immediate credit on all incoming wire transfers
• Failure to credit the participating institution’s accounts in a timely fashion will require interest payment reimbursement to the participating institution at the then-current daily fed funds rate may permit
• The system to terminate its master depository agreement (MDA) with contractor due to non-performance.  
c. Withdrawals and payments:
• Standard disbursing services for all accounts.
• Positive payee services for all its checks and accounts.
• A fully secure and automated, web compatible transmission process.  
• Transmissions will be made as part of each check run or manual check written.  
• Manual check information must be able to be entered and transmitted online.  
• Ach (automated clearing house) services.
• Wire transfers, both domestic and foreign, by secure and efficient means.
• Overdraft protection
• An efficient and timely stop-pay process, preferably automated.
• Payment of all participating institution staff and student checks without charge upon presentation
d.  Liquidity management:
• Participating institutions may want to sweep balances, preferably automated, for all or part of the contract term, to a money market mutual fund or other similar options, as authorized by state law and as permitted by university policy
e. Reporting and reconciliation:
• Account statements: contractor must provide participating institutions with monthly account statements on all accounts with complete supporting documentation.
• All accounts must be on a calendar month cycle.
• Account analysis statement: a monthly account analysis statement must be provided for each account and on a consolidated basis for each participating institution.
• It is preferred that contractor debit the account on an annual basis to account for the earning credit rate (ECR) to manage the activity and balance fluctuations.
• Customizable reporting tools for account activity, including transaction details.
• Account reconciliation.
• Prior-day statements, containing transaction and balance information, in a standardized file format (ba12).
• Timely access to prior and intra-day detail and balance reporting information.
• Timely access to information will require automation within the various service areas such as ach, reconciliation, and EDI (electronic data interchange).  
2. Full collateralization of deposits
• All time and demand deposits of participating institution funds deposited in any bank must be fully federally insured and collateralized continuously in accordance with university depository funds policy and in conformance with the state public funds collateral act.
• The university master depository agreements shall be executed in accordance with the federal financial institutions resource, recovery, and enforcement act (FIRREA), which requires a written agreement and a resolution from the bank board or bank loan committee
• The market value of the collateral will equal 102% of the total value of principal and accrued interest of the deposits.
• The pledging financial institution shall be contractually liable for maintaining this margin daily
collateral pledged to secure deposits shall be held by an independent financial institution outside the holding company of the contractor in accordance with a safekeeping agreement signed by authorized representatives of the participating institution, the contractor, and the custodian.
• All collateral shall be subject to inspection and audit by the system or its independent auditors during reasonable business hours
3. Compensation and fees
• Participating institutions will have the option to pay for the services on either a compensating balance or a fee basis (or a combination of the two) based on the fees provided by contractor in response to the RFP.
• If a participating institution selects a compensating balance basis, contractor agrees to offset monthly service fees against the earnings credit balances for the deposit balances
• The account analysis should include a carry-over of credits for an entire calendar year, and charged annually, regardless of the payment basis for each participating institution.
- Contract Period/Term: 5 years
- Questions/Inquires Deadline: April 21, 2025